GST: Tamil Nadu nets Rs 51K cr collection

At an event held to mark one year of GST, Rao, in his address said nearly 10 lakh traders in the state have registered and these people are participating in the economic progress of the state. “Due to the registered traders, Tamil Nadu had netted GST of Rs 51,259 crore in one year with the state’s contribution being Rs 25,169 crore,” he said.

Rao said for the ease of traders, Wednesdays have been declared as taxpayers’ day and traders are permitted to meet top officials of the department to clarify their doubts regarding the tax structure.

Union Minister Pon Radhakrishnan, who also participated in the event, said that when GST was implemented, there were rumours that prices would rise and businesses would be hit. However, GST has proved the rumours false and brought oneness in the country.

“In the last one year, the GST Council met 27 times and in every meeting, discussions were held to make the procedures simple and to reduce the tax slab of 28 per cent. In the recent meeting, it was decided to reduce the tax rate of 50 products,” said Radhakrishnan.

Fisheries minister Jayakumar said though GST was doing well, minor realignments need to be made to cut tax rates by utilising the input tax credit. He said GST would stabilise in the coming years.